Ares Industrial Real Estate Income Trust Announces Leadership Changes
Martin A. Edmondson
Ares Industrial Real Estate Income Trust Inc., a monthly net asset value real estate investment trust sponsored by Ares Management Corporation, announced leadership transitions, including a change on its board of directors and the planned retirement of a key executive officer. Rajat Dhanda has stepped down from the board, succeeded by Martin A. Edmondson, while Scott Recknor, head of asset management, has announced his intention to retire.
Effective April 2, 2025, Dhanda resigned from his position on the company’s board. Dhanda, who had served as a director since August 2021, will continue his involvement with the broader Ares organization as partner and global head of wealth management within Ares Wealth Management Solutions. The company confirmed that Dhanda’s departure was amicable and not related to any disagreements regarding the company’s management, operations, policies, or practices.
Concurrent with Dhanda’s resignation, the board appointed Edmondson as a director, effective the same day. According to the company, Edmondson brings to the board extensive experience in the logistics real estate sector. He currently serves as partner and co-head of U.S. logistics investments within Ares Real Estate, the trust’s sponsor.
Edmondson also has served as partner, market officer for the North Central region for Ares Real Estate from January 2024 to February 2025 and managing director, market officer for the North Central region for Ares Real Estate from 2021 to 2023. Prior to that, Edmondson served as managing director, market officer for the North Central region at the company’s former sponsor from 2015 to 2021, where he was responsible for the sourcing and execution of prospective industrial investments.
Edmonson served as a senior vice president at KTR Capital Partners from 2010 to 2015; vice president at International Airport Centers; and regional development officer at First Industrial Realty Trust, where he held a variety of roles within the portfolio management, asset management, and development teams.
Edmondson holds a bachelor’s degree in finance from Eastern Illinois University. Due to his ongoing role within Ares Real Estate, Edmondson will serve as a non-independent director. The company noted there are no reportable transactions between Edmondson and the trust under Item 404(a) of Regulation S-K.
Separately, the company announced that Scott Recknor, head of asset management, notified the trust on April 1, 2025, of his decision to retire. Recknor plans to remain with the company for a period to ensure a smooth transition, and his final retirement date has not yet been set.
As of Dec. 31, 2024, the REIT owned and managed a real estate portfolio that included 255 industrial buildings totaling approximately 54.7 million square feet located in 30 markets throughout the United States, with 424 customers, and was 92.6% occupied (94.6% leased) with a weighted-average remaining lease term (based on square feet) of approximately 3.8 years.
During 2024, the REIT transacted approximately 7 million square feet of new and renewal leases, and rent growth on comparable leases averaged 61.4%, calculated using cash basis rental rates (76.9% when calculated using generally accepted accounting principles basis rental rates).
As of Dec. 31, 2024, the REIT had seven debt-related investments comprised of floating-rate senior loans with an aggregate current commitment of $613.5 million, with a weighted-average remaining term of two years and a weighted-average interest rate of 8.26%. As of the close of 2024, the outstanding aggregate principal amount and fair value were both $388.7 million.
Ares Industrial Real Estate Income Trust is an industrial-focused real estate solution that seeks to deliver consistent distributions, capital preservation, and capital appreciation by investing in high-quality bulk and last-mile distribution facilities in key logistics markets across the nation.
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